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OneTwoSierra

Well Known Member
I'm a low time pilot (less than 100 hours total time) getting my RV-9A ready to go, and have been in insurance hell the past week+ trying to get coverage. I finally had a break-through that I thought I'd share.

After calling 'the big guys' and being told that none of the 'normal' underwriters (including AIG) would cover me, and that my only option was to go with one of the 'high risk' underwriters for 3 grand a year with a requirement of 10 hours with a CFI in type from an underwriter in London, I began to wonder if I should just go uncovered until I had more time in type. :confused: I asked for ground only coverage instead but the agents wouldn't even ask the underwriters for this on my behalf stating that there was some perceived legal risk involved that I won't go into here. And this is from the big aircraft insurance agencies that claim to cover RVs (one in particular on this last point). :mad:

Then, while ranting to my Tech Counselor and friend, he told me of a guy who could fix me up. I was skeptical because I had heard that once one agency has been told 'no we won't cover him' by an underwriter, then you were tagged and they would tell that to any and all agents who call about you. (By the way, I belive there are only 8 underwriters total who cover experimentals, and only 2 of them are competitive, and the other 6 are high risk issuers. I could be wrong about these numbers but thats what I was told).

But I found out that with AIG, that isn't the case. Different agents call different people within the company and they don't use a system that marks you so that everyone is bound to the same initial response you were given. So if you find an agent with a great relationship and who really understands RVs, you can get coverage, and agreat a deal.

So I called Rick Ross THIS MORNING at 1-800-896-5145, told him my story, my flying experience, and he knew just who to call at AIG. I now THIS AFTERNOON have typical full flying and ground coverage, 70K value, 1,000,000 liability (with 100,000 sublimits per individual) (all typical stuff) and I have only a 2 hour CFI requirement. And if a tornado hits my hangar this weekend, I'm covered. :D

Thought some might could use this info. I sure could have.
 
Glad it worked out! Might I ask how much are your premiums? I will be in a similar situation (about 500 hours TT) in a year or two.

Mark
 
I too would like to know the premiums if you don't mind....I will be in the EXACT same (same time) position in about 1.5 years.
 
I am also in the exact same boat. I have 101 hours and my company wants 125 hrs min. and 5 hrs in type. I have over 2 hours with Mike Seager in the 7 and 9 that will not count towards the 5 hours they want in a 6A or 9A. I would like to change if it will get me into the air sooner.
 
Insurance

Guys I am in the same boat too. Low time and working on my 7A.

I can tell you that while I haven't been able to help 100% of the guys in our shoes what Sierra said was dead on.

"Technically" if we all input the same info with AIG (they are the only ones I know that don't freeze the market) we "should" get the same dollars back.

I have learned that isn't always the case.

If the info is input wrong or that one extra question isn't asked often it can affect the rate in a bad way.

I have been able to write guys that were at first flat rejected by AIG and others at rates they were happy with simply because in most cases not taking no for an answer and asking "the right" underwriter (who shall remain nameless:))

If the rate you get seems high check it. If it comes back the same with all of us then it's just time to pick based on who went to bat for you and did the job, and finally your own personal comfort zone.

We're all in this together (those of us that are builders). When it comes to selling ourselves to an underwriter, that's my job! Kinda like that first date, gotta get it from a no to a yes :rolleyes:

Be well guys and check out the other string on this too.
 
For those who asked for my premiums. They were $2186 per year. That breaks down into 674 liability and 1512 Hull for 70K hull coverage. For those who think this is high (I've heard some get this same in the $1400 per year range), I'd say that 1) I'm just happy that I got covered at all, 2) I expected it to be high because of my low time and so I saved my pennies for this occassion, 3) it should come down considerably when I hit 100 hours in type and my policy renews according to people who know.

My deductables are $100 hull, $1,000 medical. Higher deductables (10% of claim) during Phase 1.
 
OneTwoSierra said:
For those who asked for my premiums. They were $2186 per year. That breaks down into 674 liability and 1512 Hull for 70K hull coverage. ....

My deductables are $100 hull, $1,000 medical. Higher deductables (10% of claim) during Phase 1.
Click to expand...

Thanks for providing the $$ amounts. A lot of us not there yet are definitely interested in what to anticipate.

Could you have just gotten the liability if you wanted (for that same $674) or would they require both liabity and hull to get those rates? Just curious, because I'll probably be looking for a liability-only and ground-not in motion policy and am wondering what to anticipate.

Steve
 
alpinelakespilot2000 said:
Thanks for providing the $$ amounts. A lot of us not there yet are definitely interested in what to anticipate.

Could you have just gotten the liability if you wanted (for that same $674) or would they require both liabity and hull to get those rates? Just curious, because I'll probably be looking for a liability-only and ground-not in motion policy and am wondering what to anticipate.

Steve
Click to expand...


I don't know. I wanted it all. I have a buddy with the coverage you're talking about for his Starduster and he pays 600 something a year. But I'm a < 100 hour pilot and he's an ATP.
 
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